Scotiabank Issues Pessimistic Forecast for Ivanhoe Mines (TSE:IVN) Stock Price

Ivanhoe Mines (TSE:IVN) had its price target lowered by analysts at Scotiabank from C$21.00 to C$20.00 in a research note issued to investors on Thursday,BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. Scotiabank’s price objective suggests a potential upside of 16.28% from the company’s previous close. Scotiabank also issued estimates for Ivanhoe Mines’ FY2024 earnings at $0.34 EPS and FY2025 earnings at $0.63 EPS.

A number of other research firms also recently weighed in on IVN. TD Securities cut their price target on Ivanhoe Mines from C$25.00 to C$24.00 and set a “buy” rating on the stock in a research note on Thursday. Raymond James dropped their price objective on shares of Ivanhoe Mines from C$25.00 to C$24.00 and set an “outperform” rating on the stock in a report on Thursday. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of C$24.00.

Ivanhoe Mines Trading Up 1.7 %

Shares of TSE:IVN traded up C$0.28 during trading on Thursday, hitting C$17.20. 485,183 shares of the company’s stock were exchanged, compared to its average volume of 1,187,983. The firm has a 50-day moving average price of C$18.30 and a two-hundred day moving average price of C$18.19. Ivanhoe Mines has a 1-year low of C$12.94 and a 1-year high of C$21.32. The firm has a market cap of C$23.22 billion, a P/E ratio of 107.50 and a beta of 1.94. The company has a current ratio of 1.17, a quick ratio of 20.86 and a debt-to-equity ratio of 4.24.

Insiders Place Their Bets

In other Ivanhoe Mines news, Director Martie Cloete sold 2,800 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of C$18.56, for a total value of C$51,968.00. Also, Senior Officer Chao (Peter) Zhou sold 4,800 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of C$19.00, for a total transaction of C$91,200.00. Over the last three months, insiders sold 68,088 shares of company stock worth $1,292,379. 44.96% of the stock is owned by corporate insiders.

About Ivanhoe Mines

Ivanhoe Mines Ltd. engages in the mining, development, and exploration of minerals and precious metals primarily in Africa. It explores for platinum, palladium, nickel, copper, gold, rhodium, zinc, silver, germanium, and lead deposits. The company's projects include the Platreef project located in the Northern Limb of South Africa's Bushveld Complex; the Kipushi project located in Haut-Katanga Province, Democratic Republic of Congo; and the Kamoa-Kakula project located within the Central African Copperbelt.